By Daniel Hunter
Just 31% of businesses have significantly restructured their operations to help big data be at the heart of every business decision, according to new research from EY that looks at how companies are currently using big data analytics to find, measure, create and protect value across their organisations.
According to 'Becoming an analytics driven organisation to create value', most businesses are still using analytics in an isolated way to address specific business issues, limiting the potential value to increase performance and efficiency. At the same time 50% of businesses do not trust their own data.
The report is based on a survey of 270 senior executives who responded to questions on all aspects of their data strategy. The respondents are active stakeholders in big data projects and all departmental functions and industry sectors are represented, with the majority of respondents working in finance, marketing and IT, as well as cross-departmental management roles.
Herman Heyns, EY’s Head of Big Data and Analytics, UK & Ireland comments: “Data can be the lifeblood of an organisation if it is allowed to flow freely across the entire ecosystem. As our research shows, building the right organisational structure and governance framework to support value-driven decision making remains a challenge for many businesses out there.
“Businesses need to invest on the necessary skills, structure and data governance that will help them build a data strategy that is trusted, valued and supported by key stakeholders.”
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